European Union countries spent over £4.5bn (€5.3bn) buying more than half of all Russia’s liquefied natural gas (LNG) supplies during the first seven months of this year, despite pledges to wean itself off Kremlin-backed hydrocarbons.
The bloc bought 52 per cent of Russia’s exports, compared to 49 per cent in 2022 and 39 per cent in 2021, propping up one of the Kremlin’s most important sources of revenue, helping to fund its war chest following its invasion of Ukraine.
Some member states are even among the world’s biggest buyers of LNG from Russia than they did prior to the eruption of conflict, according to a new report from Global Witness.
This includes Spain and Belgium, which are the second and third largest buyers of the country’s supplies worldwide, behind only China.
Between January and July 2023, Spain took 18 per cent of Russia’s total sales and Belgium snapped up 17 per cent, while China bought 20 per cent.
During the same period in 2021, Spain and Belgium were fifth and seventh respectively in the global rankings.
Growing consumption of Russian LNG reflects extensive purchases across the bloc, with EU countries consuming 22m cubic meters, compared with 15m cubic meters during the same period two years ago – a 40 per cent jump.
Global Witness based their analysis on Kpler data, with the group calculating EU purchases at £4.55bn (€5.29bn) using Russian LNG price estimates from the Centre for Research on Energy and Clean Air.
The jump comes amid booming LNG trade and a low starting point as the EU previously relied on piped gas supplies – with the energy source helping to top up supplies to nearly 93 per cent of storage capacity.
However, the rise is well above the six per cent global average increase in Russian imports of LNG.
Jonathan Noronha-Gant, senior fossil fuel campaigner at Global Witness said: “Buying Russian gas has the same impact as buying Russian oil. Both fund the war in Ukraine, and every euro means more bloodshed. While European countries decry the war, they ‘re putting money into Putin’s pockets.
“These countries should align their actions with their words by banning the trade of Russian LNG that is fueling both the war and the climate crisis”
In March 2023, EU Energy Commissioner Kadri Simson urged member states and EU companies to stop buying Russian LNG, while Spanish Energy Minister Teresa Ribera asked Spanish buyers not to sign new Russian LNG contracts, calling the situation “absurd.”
The EU has also jointed Western allies including the US and UK in sanctions and restrictions against Russian fossil fuels from pipelines and seaborne shipments.
The UK confirmed 11 consecutive months of no coal, oil or gas imports from Russia in January, however analysis from De Smog later revealed a surge in imports from authoritarian regimes such as Algeria, Bahrain, Kuwait, Libya, Qatar, Saudi Arabia and the United Arab Emirates.
Previous research from Global Witness also revealed that Shell and Total Energies have continued to trade Russian LNG following the invasion.
When approached for comment, a Shell spokesperson said: “Shell has stopped buying Russian LNG on the spot market, but still has some long-term contractual commitment. This is in full compliance with sanctions, applicable laws and regulations of the countries in which we operate. We have been clear about this.
“There is a dilemma between putting pressure on the Russian government over its atrocities in Ukraine and ensuring stable, secure energy supplies. It is for governments to decide on the incredibly difficult trade-offs that must be made.”
The post EU spent £4.5bn buying HALF of Russia’s LNG supplies… despite pledge to wean West off Kremlin appeared first on Energy News Beat.
Energy News Beat